Portfolio Benchmarks
Portfolio Benchmarks Investment performance for financial advisers from TOWER Investments
May 2011
At a Glance Tower Retail and Mezzanine managed funds versus benchmarks as at 30 April 2011 Note: Funds that do not have explicit benchmarks are excluded
Bonds
International Shares
TOWER BondPlus Fund (underlying international managers: Pacific Investment Management Company/PIMCO and Wellington Management)
TOWER Global Gateway Fund (underlying global manager: GAM)
Fund objective: To outperform the Barclay’s Capital Global Aggregate Bond Index, hedged in NZ dollars. Time Period
3 months
1 year
3-year rolling period
Fund %
1.84%
8.51%
6.88%
Fund objective: To outperform both the Morgan Stanley Capital International (MSCI) World Index, 70% hedged in New Zealand dollars, and the New Zealand 30-day deposit rate. Time Period
Benchmark (Index) %
1.63%
5.93%
3 months
1 year
Fund %
-1.03%
-1.86%
Benchmark (Index) %
4.54%
12.21%
Benchmark (30- d) %
0.70%
3.00%
8.30%
New Zealand Shares TOWER New Zealand Equity Trust (underlying New Zealand manager: TOWER Asset Management) Fund objective: To outperform the NZX50 Gross Index
TOWER Global Fund (underlying international managers: Marathon Asset Management and Capital International) Fund objective: To outperform the Morgan Stanley
over a three-year rolling period.
Capital International (MSCI) World Index in New Zealand dollars, over each three-year rolling period.
Time Period
3 months
1 year
3-year rolling period
Fund %
4.11%
0.95%
-1.06%
Time Period
Benchmark (Index) %
5.83%
8.41%
0.36%
Contents At a Glance __________________________________ 1&2 Fund Performance Summary _____________________ 3
3 months
1 year
3 year rolling period
Fund %
2.44%
7.59%
2.46%
Benchmark %
2.42%
7.55%
-1.07%
Contact us Cathy Myers, Upper North Island _________________________ 09 369 9311 Toni Dodds, Central North Island _________________________ 04 439 4314 Ken O’Rourke, South Island _____________________________ 03 353 1106
At a Glance International Shares (continued) TOWER International Equity Fund (underlying regional managers: Martin Currie – Japan; Alliance Bernstein - North America; Capital International Asia & Emerging Markets; Marathon Asset Management – Europe; Hyperion, Integrity, Paradice - Australia)
TOWER Global Commodity Fund (underlying global manager: Pacific Investment Management Company PIMCO) Fund objective: To achieve a return in excess of the benchmark over a rolling three-year period. The Fund's benchmark is the Dow Jones - UBS Commodity Index
Fund objective: To outperform the Morgan Stanley Capital International (MSCI) World Index in New Zealand
Total Return Index hedged in Australian dollars. The Benchmark will have a currency exposure of 70%
dollars over each three-year rolling period.
hedged back to the New Zealand dollar and 30% 3 months
1 year
3 year rolling period
Fund %
2.05%
3.21%
-2.29%
Benchmark %
2.42%
7.55%
-1.07%
Time Period
exposure to the Australian dollar.
Alternative Investments TOWER Global Hedge Fund (underlying global manager: GAM) Fund objective: To outperform both the HFRI/HFRX Global Hedge Fund Index 70% hedged in New Zealand dollars, and the New Zealand 30-day deposit rate. Time Period
3 months
1 year
Fund %
-0.47%
-3.38%
Benchmark (Index) %
-0.72%
0.40%
Benchmark (30- d) %
0.70%
3.00%
3 months
1 year
3 year rolling period
Fund %
10.09%
33.26%
-3.33%
Benchmark %
9.17%
33.98%
-5.01%
Time Period
2
Fund FundPerformance PerformanceSummary Summary
As at 30 April 2011
TOWER Managed Funds Limited – Unit Trusts and Group Investment Funds Net Fund Size $M
Unit Price
1 Mth
3 Mths
6 Mths
1 Yr
2 Yrs
3 Yrs
5 Yrs
7 Yrs
New Zealand Range Cash Fund
$16.202
1.1173
0.24%
0.77%
1.44%
2.91%
2.65%
NZ Equity
$8.646
2.5472
2.22%
4.11%
1.93%
0.95%
13.89%
-1.06%
-2.24%
2.38%
Multi Sector
$11.908
2.0609
0.59%
2.50%
4.22%
6.18%
12.42%
2.03%
2.83%
5.15%
Global Gateway Fund**
$39.595
265.0745
-1.23%
-1.03%
-0.73%
-1.86%
-1.06%
-0.47%
-1.30%
0.82%
Global Hedge Fund**
$13.723
290.1220
-0.82%
-0.47%
-2.20%
-3.38%
-3.11%
0.62%
0.28%
1.72%
Global Fund
$67.501
3.3056
-1.91%
2.44%
6.43%
7.59%
13.82%
2.46%
0.22%
4.71%
International Equity*
$20.489
1.2641
-1.37%
2.05%
5.15%
3.21%
7.59%
-2.29%
-4.33%
0.75%
BondPlus
$105.057
1.4576
1.02%
1.84%
0.34%
8.51%
12.46%
6.88%
6.12%
5.55%
Global Commodities
$38.521
1.2425
2.16%
10.09%
21.09%
33.26%
28.66%
-3.33%
International Range
Performance figures were net of tax and management fees until 30 September 2007. Post 30 September 2007, returns are gross of tax and net of management fees. *TORTIS International Fund changed to the TOWER International Equity Fund in March 2008; **GAM Multi Trading and GAM Global Gateway changed to TOWER Global Hedge Fund and TOWER Global Gateway, respectively, in July 2009. All returns are in New Zealand Dollars. All distributions, where applicable, are assumed to be reinvested. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include entry fees. Past performance is not necessarily indicative of future performance.
3
Fund Performance Summary Fund Fund Performance Performance Summary Summary
As at 30 April 2011
TOWER Managed Funds Limited – Superannuation and Insurance Bonds Net Fund Size $M
Unit Price
1 Mth
3 Mths
6 Mths
1 Yr
2 Yrs
3 Yrs
5 Yrs
7 Yrs
Asia/Emerging Markets Fund
$35.521
2.8388
3.02%
5.37%
5.72%
14.32%
28.11%
-0.13%
5.33%
10.63%
Balanced Fund
$147.418
2.6633
0.68%
2.55%
3.59%
5.64%
10.25%
1.86%
2.36%
4.10%
Capital Protected Fund*
$43.584
1.0972
0.16%
0.48%
1.00%
2.01%
2.02%
2.00%
2.89%
2.92%
Growth Fund
$79.025
1.9047
0.83%
3.49%
5.65%
5.68%
13.75%
-0.61%
0.05%
3.18%
International Companies Fund
$29.529
2.0846
1.81%
4.90%
9.79%
8.11%
19.75%
-1.78%
-0.62%
3.31%
NZ Companies Fund
$4.866
2.3224
2.32%
4.17%
2.16%
1.09%
23.33%
4.59%
0.37%
3.54%
Property Fund
$7.889
3.2303
0.20%
0.06%
1.34%
3.75%
9.39%
3.07%
8.99%
9.42%
Asia/Emerging Markets Fund
$3.001
2.8032
3.04%
5.29%
4.37%
14.29%
27.04%
-0.55%
5.06%
10.43%
Balanced Fund
$13.845
2.6427
0.68%
2.44%
3.45%
5.48%
9.90%
1.60%
2.20%
3.99%
Capital Protected Fund*
$4.325
1.0840
0.12%
0.36%
0.75%
1.50%
1.51%
1.50%
2.59%
2.71%
Growth Fund
$8.376
1.8823
0.81%
3.36%
3.67%
5.58%
13.27%
-1.00%
-0.19%
3.00%
International Companies Fund
$3.503
2.0464
1.84%
4.82%
9.64%
8.00%
18.92%
-2.38%
-0.98%
3.03%
Property Fund
$1.433
3.2114
0.20%
-0.02%
1.25%
3.62%
9.11%
2.87%
8.87%
9.33%
FuturePlan, Independence Plan Range
FreedomPlan
Performance figures were net of tax and management fees until 31 March 2008. Post 31 March 2008 returns are gross of tax and net of fees. +
Performance figures were net of tax and management fees until 30 September 2007. Post 30 September 2007, returns are gross of tax and net of management fees.
*
Performance figures prior to 31 March 2008 are based on an annual declared rate. Post 31 March 2008 returns are based on the fund's unit price.
All returns are in New Zealand Dollars. All distributions, where applicable, are assumed to be reinvested. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include entry fees. Past performance is not necessarily indicative of future performance.
4
Performance Summary FundFund Performance Summary
5
Fund Performance Summary Fund Performance Summary
As at 30 April 2011
TOWER KiwiSaver Scheme TOWER KiwiSaver Scheme Fund Size $M
Unit Price
1 Mth
3 Mths
1 Yr
2 Yrs
TOWER KiwiSaver Cash Enhanced
$323.959
1.1743
0.68%
1.65%
4.84%
6.72%
TOWER KiwiSaver Preservation
$12.290
2350.8940
0.24%
0.84%
3.20%
3.11%
TOWER KiwiSaver Conservative
$28.271
1.2018
0.72%
1.94%
5.49%
9.64%
TOWER KiwiSaver Balanced
$160.338
3051.6804
0.66%
2.75%
6.07%
11.37%
TOWER KiwiSaver Growth
$48.746
1.0231
1.09%
3.30%
5.94%
14.44%
TOWER KiwiSaver Equity
$17.732
2638.2870
0.66%
3.97%
7.00%
15.85%
TOTAL
$591.336
TOWER KiwiSaver funds started on 1 October 2007. *Returns prior to 1 October 2007 use pre-inception returns from the same underlying funds. Performance figures are gross of tax and net of management fees. All returns are in New Zealand Dollars. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include Admin fees or Trustee fees. Past performance is not necessarily indicative of future performance.
6
Fund Performance Summary Fund Performance Summary
As at 30 April 2011
TOWER LifeSaver LifeSaver Fund Size $M
Unit Price
1 Mth
3 Mths
1 Yr
2 Yrs
3 Yrs
5 Yrs
7 Yrs
LifeSaver Preservation Fund
$50.948
2351.0935
0.22%
0.83%
3.21%
3.12%
4.33%
4.95%
4.74%
TOWER Focus Fixed Income Fund
$9.941
2789.4835
0.85%
1.59%
7.12%
5.92%
8.43%
6.51%
5.80%
LifeSaver Conservative Fund
$10.645
1.2032
0.79%
2.03%
5.62%
9.70%
4.62%
3.95%
4.94%
LifeSaver Balanced Fund
$187.346
3054.6849
0.65%
2.85%
6.17%
11.43%
3.05%
4.02%
5.81%
LifeSaver Growth Fund
$24.928
1.0241
1.16%
3.35%
6.05%
14.50%
1.00%
0.25%
3.96%
LifeSaver Equity Fund
$27.003
2646.9101
0.74%
4.34%
7.35%
16.04%
-0.92%
-1.15%
4.04%
TOWER Focus NZ Share Fund
$8.249
3430.4446
2.20%
4.27%
2.17%
14.51%
-0.48%
-1.72%
2.72%
TOTAL
$319.061
Performance figures were net of tax and management fees until 30 September 2007. Post 30 September 2007, returns are gross of tax and net of management fees. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include contribution fees, admin fees or trustee expenses. Prior to September 2006, LifeSaver Conservative Fund and LifeSaver Growth Fund returns are pre-inception returns based on the returns of the underlying fund. The TOWER Capital Preservation Fund declares an annual return in December for the year ending 30 September. The return for the year ending 30 September 2008 was 6.5%. The interim return for the current financial year is 2%. Capital Preservation Fund returns shown here are as at 30 September 2008 and are net of tax. All returns are in New Zealand Dollars. Past performance is not necessarily indicative of future performance.
7
May 2011
At a Glance Tower Retail and Mezzanine managed funds versus benchmarks as at 30 April 2011 Note: Funds that do not have explicit benchmarks are excluded
Bonds
International Shares
TOWER BondPlus Fund (underlying international managers: Pacific Investment Management Company/PIMCO and Wellington Management)
TOWER Global Gateway Fund (underlying global manager: GAM)
Fund objective: To outperform the Barclay’s Capital Global Aggregate Bond Index, hedged in NZ dollars. Time Period
3 months
1 year
3-year rolling period
Fund %
1.84%
8.51%
6.88%
Fund objective: To outperform both the Morgan Stanley Capital International (MSCI) World Index, 70% hedged in New Zealand dollars, and the New Zealand 30-day deposit rate. Time Period
Benchmark (Index) %
1.63%
5.93%
3 months
1 year
Fund %
-1.03%
-1.86%
Benchmark (Index) %
4.54%
12.21%
Benchmark (30- d) %
0.70%
3.00%
8.30%
New Zealand Shares TOWER New Zealand Equity Trust (underlying New Zealand manager: TOWER Asset Management) Fund objective: To outperform the NZX50 Gross Index
TOWER Global Fund (underlying international managers: Marathon Asset Management and Capital International) Fund objective: To outperform the Morgan Stanley
over a three-year rolling period.
Capital International (MSCI) World Index in New Zealand dollars, over each three-year rolling period.
Time Period
3 months
1 year
3-year rolling period
Fund %
4.11%
0.95%
-1.06%
Time Period
Benchmark (Index) %
5.83%
8.41%
0.36%
Contents At a Glance __________________________________ 1&2 Fund Performance Summary _____________________ 3
3 months
1 year
3 year rolling period
Fund %
2.44%
7.59%
2.46%
Benchmark %
2.42%
7.55%
-1.07%
Contact us Cathy Myers, Upper North Island _________________________ 09 369 9311 Toni Dodds, Central North Island _________________________ 04 439 4314 Ken O’Rourke, South Island _____________________________ 03 353 1106
At a Glance International Shares (continued) TOWER International Equity Fund (underlying regional managers: Martin Currie – Japan; Alliance Bernstein - North America; Capital International Asia & Emerging Markets; Marathon Asset Management – Europe; Hyperion, Integrity, Paradice - Australia)
TOWER Global Commodity Fund (underlying global manager: Pacific Investment Management Company PIMCO) Fund objective: To achieve a return in excess of the benchmark over a rolling three-year period. The Fund's benchmark is the Dow Jones - UBS Commodity Index
Fund objective: To outperform the Morgan Stanley Capital International (MSCI) World Index in New Zealand
Total Return Index hedged in Australian dollars. The Benchmark will have a currency exposure of 70%
dollars over each three-year rolling period.
hedged back to the New Zealand dollar and 30% 3 months
1 year
3 year rolling period
Fund %
2.05%
3.21%
-2.29%
Benchmark %
2.42%
7.55%
-1.07%
Time Period
exposure to the Australian dollar.
Alternative Investments TOWER Global Hedge Fund (underlying global manager: GAM) Fund objective: To outperform both the HFRI/HFRX Global Hedge Fund Index 70% hedged in New Zealand dollars, and the New Zealand 30-day deposit rate. Time Period
3 months
1 year
Fund %
-0.47%
-3.38%
Benchmark (Index) %
-0.72%
0.40%
Benchmark (30- d) %
0.70%
3.00%
3 months
1 year
3 year rolling period
Fund %
10.09%
33.26%
-3.33%
Benchmark %
9.17%
33.98%
-5.01%
Time Period
2
Fund FundPerformance PerformanceSummary Summary
As at 30 April 2011
TOWER Managed Funds Limited – Unit Trusts and Group Investment Funds Net Fund Size $M
Unit Price
1 Mth
3 Mths
6 Mths
1 Yr
2 Yrs
3 Yrs
5 Yrs
7 Yrs
New Zealand Range Cash Fund
$16.202
1.1173
0.24%
0.77%
1.44%
2.91%
2.65%
NZ Equity
$8.646
2.5472
2.22%
4.11%
1.93%
0.95%
13.89%
-1.06%
-2.24%
2.38%
Multi Sector
$11.908
2.0609
0.59%
2.50%
4.22%
6.18%
12.42%
2.03%
2.83%
5.15%
Global Gateway Fund**
$39.595
265.0745
-1.23%
-1.03%
-0.73%
-1.86%
-1.06%
-0.47%
-1.30%
0.82%
Global Hedge Fund**
$13.723
290.1220
-0.82%
-0.47%
-2.20%
-3.38%
-3.11%
0.62%
0.28%
1.72%
Global Fund
$67.501
3.3056
-1.91%
2.44%
6.43%
7.59%
13.82%
2.46%
0.22%
4.71%
International Equity*
$20.489
1.2641
-1.37%
2.05%
5.15%
3.21%
7.59%
-2.29%
-4.33%
0.75%
BondPlus
$105.057
1.4576
1.02%
1.84%
0.34%
8.51%
12.46%
6.88%
6.12%
5.55%
Global Commodities
$38.521
1.2425
2.16%
10.09%
21.09%
33.26%
28.66%
-3.33%
International Range
Performance figures were net of tax and management fees until 30 September 2007. Post 30 September 2007, returns are gross of tax and net of management fees. *TORTIS International Fund changed to the TOWER International Equity Fund in March 2008; **GAM Multi Trading and GAM Global Gateway changed to TOWER Global Hedge Fund and TOWER Global Gateway, respectively, in July 2009. All returns are in New Zealand Dollars. All distributions, where applicable, are assumed to be reinvested. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include entry fees. Past performance is not necessarily indicative of future performance.
3
Fund Performance Summary Fund Fund Performance Performance Summary Summary
As at 30 April 2011
TOWER Managed Funds Limited – Superannuation and Insurance Bonds Net Fund Size $M
Unit Price
1 Mth
3 Mths
6 Mths
1 Yr
2 Yrs
3 Yrs
5 Yrs
7 Yrs
Asia/Emerging Markets Fund
$35.521
2.8388
3.02%
5.37%
5.72%
14.32%
28.11%
-0.13%
5.33%
10.63%
Balanced Fund
$147.418
2.6633
0.68%
2.55%
3.59%
5.64%
10.25%
1.86%
2.36%
4.10%
Capital Protected Fund*
$43.584
1.0972
0.16%
0.48%
1.00%
2.01%
2.02%
2.00%
2.89%
2.92%
Growth Fund
$79.025
1.9047
0.83%
3.49%
5.65%
5.68%
13.75%
-0.61%
0.05%
3.18%
International Companies Fund
$29.529
2.0846
1.81%
4.90%
9.79%
8.11%
19.75%
-1.78%
-0.62%
3.31%
NZ Companies Fund
$4.866
2.3224
2.32%
4.17%
2.16%
1.09%
23.33%
4.59%
0.37%
3.54%
Property Fund
$7.889
3.2303
0.20%
0.06%
1.34%
3.75%
9.39%
3.07%
8.99%
9.42%
Asia/Emerging Markets Fund
$3.001
2.8032
3.04%
5.29%
4.37%
14.29%
27.04%
-0.55%
5.06%
10.43%
Balanced Fund
$13.845
2.6427
0.68%
2.44%
3.45%
5.48%
9.90%
1.60%
2.20%
3.99%
Capital Protected Fund*
$4.325
1.0840
0.12%
0.36%
0.75%
1.50%
1.51%
1.50%
2.59%
2.71%
Growth Fund
$8.376
1.8823
0.81%
3.36%
3.67%
5.58%
13.27%
-1.00%
-0.19%
3.00%
International Companies Fund
$3.503
2.0464
1.84%
4.82%
9.64%
8.00%
18.92%
-2.38%
-0.98%
3.03%
Property Fund
$1.433
3.2114
0.20%
-0.02%
1.25%
3.62%
9.11%
2.87%
8.87%
9.33%
FuturePlan, Independence Plan Range
FreedomPlan
Performance figures were net of tax and management fees until 31 March 2008. Post 31 March 2008 returns are gross of tax and net of fees. +
Performance figures were net of tax and management fees until 30 September 2007. Post 30 September 2007, returns are gross of tax and net of management fees.
*
Performance figures prior to 31 March 2008 are based on an annual declared rate. Post 31 March 2008 returns are based on the fund's unit price.
All returns are in New Zealand Dollars. All distributions, where applicable, are assumed to be reinvested. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include entry fees. Past performance is not necessarily indicative of future performance.
4
Performance Summary FundFund Performance Summary
5
Fund Performance Summary Fund Performance Summary
As at 30 April 2011
TOWER KiwiSaver Scheme TOWER KiwiSaver Scheme Fund Size $M
Unit Price
1 Mth
3 Mths
1 Yr
2 Yrs
TOWER KiwiSaver Cash Enhanced
$323.959
1.1743
0.68%
1.65%
4.84%
6.72%
TOWER KiwiSaver Preservation
$12.290
2350.8940
0.24%
0.84%
3.20%
3.11%
TOWER KiwiSaver Conservative
$28.271
1.2018
0.72%
1.94%
5.49%
9.64%
TOWER KiwiSaver Balanced
$160.338
3051.6804
0.66%
2.75%
6.07%
11.37%
TOWER KiwiSaver Growth
$48.746
1.0231
1.09%
3.30%
5.94%
14.44%
TOWER KiwiSaver Equity
$17.732
2638.2870
0.66%
3.97%
7.00%
15.85%
TOTAL
$591.336
TOWER KiwiSaver funds started on 1 October 2007. *Returns prior to 1 October 2007 use pre-inception returns from the same underlying funds. Performance figures are gross of tax and net of management fees. All returns are in New Zealand Dollars. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include Admin fees or Trustee fees. Past performance is not necessarily indicative of future performance.
6
Fund Performance Summary Fund Performance Summary
As at 30 April 2011
TOWER LifeSaver LifeSaver Fund Size $M
Unit Price
1 Mth
3 Mths
1 Yr
2 Yrs
3 Yrs
5 Yrs
7 Yrs
LifeSaver Preservation Fund
$50.948
2351.0935
0.22%
0.83%
3.21%
3.12%
4.33%
4.95%
4.74%
TOWER Focus Fixed Income Fund
$9.941
2789.4835
0.85%
1.59%
7.12%
5.92%
8.43%
6.51%
5.80%
LifeSaver Conservative Fund
$10.645
1.2032
0.79%
2.03%
5.62%
9.70%
4.62%
3.95%
4.94%
LifeSaver Balanced Fund
$187.346
3054.6849
0.65%
2.85%
6.17%
11.43%
3.05%
4.02%
5.81%
LifeSaver Growth Fund
$24.928
1.0241
1.16%
3.35%
6.05%
14.50%
1.00%
0.25%
3.96%
LifeSaver Equity Fund
$27.003
2646.9101
0.74%
4.34%
7.35%
16.04%
-0.92%
-1.15%
4.04%
TOWER Focus NZ Share Fund
$8.249
3430.4446
2.20%
4.27%
2.17%
14.51%
-0.48%
-1.72%
2.72%
TOTAL
$319.061
Performance figures were net of tax and management fees until 30 September 2007. Post 30 September 2007, returns are gross of tax and net of management fees. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include contribution fees, admin fees or trustee expenses. Prior to September 2006, LifeSaver Conservative Fund and LifeSaver Growth Fund returns are pre-inception returns based on the returns of the underlying fund. The TOWER Capital Preservation Fund declares an annual return in December for the year ending 30 September. The return for the year ending 30 September 2008 was 6.5%. The interim return for the current financial year is 2%. Capital Preservation Fund returns shown here are as at 30 September 2008 and are net of tax. All returns are in New Zealand Dollars. Past performance is not necessarily indicative of future performance.
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